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ETtech Explainer: Why Bhavish Aggarwal is selling Ola Electric shares to release pledged stock
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Ola Electric founder and promoter Bhavish Aggarwal has begun selling a part of his stake in the company to release pledged shares tied to a promoter-level loan. The company on Tuesday notified the exchanges that Aggarwal plans to sell a 2.78% stake to release 3.93% of the shares that were pledged against loans worth about Rs 260 crore.
The first tranche of the sale was executed through a bulk deal, in which he sold a 0.6% stake for around Rs 92 crore.
ET explains what led to this development.
Q: Why did Aggarwal pledge his Ola Electric shares?
The…
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